News & Press

More than half of the residential brokers working in New York City believe the housing market will get worse before it gets better.

Over the past several months, The Observer has been checking in with New York's brokerfolk. "I'm soooo busy," we often hear.

Of New York City-based brokers working through the downturn, 85 percent report that the recession has affected their personal lives, a survey of 200 residential brokers released today by title insurance company Entitle Direct said. When talking to brokers nationally, that number jumps to 87 percent.

When you spent $2,000 to $3,000 to buy title insurance and closing services on your home purchase or refinance, did you really know where your money was going?

When you spent $2,000 to $3,000 to buy title insurance and closing services on your home purchase or refinance, did you really know where your money was going?

When you spent $2,000 to $3,000 to buy title insurance and closing services on your home purchase or refinance, did you really know where your money was going?

Low interest rates have spurred many homeowners to refi. And each time, title firms cash in. Although the fees seem unfairly high, regulators have done little about an industry dominated in California by just four companies.

When Tom Strange, a retired computer engineer in Henderson, Nevada, refinanced his mortgage last year, he rejected the $1,870 title insurance offered by his mortgage broker. Searching online, he cut the cost by half.

If you're refinancing, you can reap a one-time savings by finding cheaper title insurance. There is room for discounting because as much as 80% of the premium goes to paying a commission to a title agent. For example, Entitle Direct charges lower premiums because it eliminates the middleman

These folks take the idea of an open house too far. Only 41 percent of the people who go to open houses in Manhattan and Brooklyn are serious buyers - and many admit to snooping in owners' closets, checking out their shoes and even reading notes on their refrigerators, according to a new survey.